Indian Cardiovascular Market Report

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Indian
Cardiovascular
Market
Cardiovascular Drugs Market Size, Share And Industry Analysis, By
Drug Type, By Devices (Interventional Cardiology, Peripheral Vascular
Devices, Cardiac Rhythm Management, Prosthetic Heart Valves,
Others), By Distribution Channel (Hospital [Pharmacies, Cardiac
Centres, Ambulatory Centres), And Forecast (2019-2028)
April 2021
Sample Report

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Table of Content
1. Indian Cardiovascular Market Overview……..…………….…………..……………………………………………………………………………………………….05
a. Market size and forecast
2. Market Growth Drivers………………………………………………………………………………………………………...............................................................07
a. Increase in diagnosis and treatment
b. Increase in prevalence of Cardiovascular Diseases
c. Technological advancements and low-cost medication
d. Increase in cardiac healthcare and domestic industries
3. Major Indication Contributing Indian Cardiovascular Market ………………………………………………………………………………………….................13
a. Prevalence of different cardiovascular disease type
i. Cardiovascular heart disease
ii. Stroke
iii. Hypertensive heart disease
iv. Inflammatory heart disease
v. Rheumatic heart disease
vi. Others
b. Unmet needs
4. Cardiovascular Market Segmentation……………………………………………………………………………………………………………………………..………16
a. By Drug Type
i. Antihypertensive

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Table of Content
i. Antihyperlipidemic
ii. Anticoagulants
iii. Antiplatelet drugs
iv. Others
b. By Device Type
i. Interventional cardiology devices
ii. Peripheral vascular devices
iii. Cardiac rhythm management devices
iv. Prosthetic heart valves
v. Others
c. By Distribution Channel
i. Hospital Pharmacies
ii. Cardiac Centres
iii. Ambulatory Surgical Centres
5. Cardiovascular Epidemiology..……………………………………………………………………………………………………………………………….…….….20
a. Prevalence of coronary heart disease in India
b. Proportional mortality in India due to cardiovascular diseases
6. Competitive Landscape ..………………………………………………………………………………………………………………………………….…………......23
a. Mergers and acquisitions
b. Key company landscape by revenue and sales

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Table of Content
7. Key Company Profiles………………………………………………………………………….………………………………………………………………………..29
a. Abbott Laboratories overview, Product & Services, Strategies & Financials
b. Boston Scientific Corporation overview, Product & Services, Strategies & Financials
c. Medtronic Plc overview, Product & Services, Strategies & Financials
d. Terumo Corporation overview, Product & Services, Strategies & Financials
e. St. Jude Medical Inc overview, Product & Services, Strategies & Financials
f. Edward Lifesciences Corporation overview, Product & Services, Strategies & Financials
g. Vascular Concepts Limited overview, Product & Services, Strategies & Financials
h. Cordis Corporation overview, Product & Services, Strategies & Financials
i. Philips Healthcare overview, Product & Services, Strategies & Financials
j. Biosense Webster, Inc overview, Product & Services, Strategies & Financials
8. Policies and Reimbursement Scenario………………………………………………….…………………….……………………………………………………….50
a. Government policies for cardiovascular diseases
b. General reimbursement environment
9. Factors Driving Future Growth…………………………………………………………………………………………………………………………………...……52
a. Key industry developments
b. Cardiology Inventions
10. Conclusion…………………………………………………………………………………………………………………………………………………………………55

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Indian Cardiovascular Market Overview

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Indian Cardiovascular Market- Market Size & Forecast Overview
The overall Cardiovascular market in India will experience sizable growth over the forecast period, increasing from $xx Bn in 2019
to over xx Bn in 2028 with a CAGR of 6.4%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cardiovascular Market Size ($Mn) (2019-2028)
 India has one of the highest burdens of cardiovascular
disease (CVD and the annual number of deaths from CVD in
India is projected to rise from 2.26 Mn (1990) to 4.77 Mn
(2020)
 The market is growing rapidly due to improving quality and
operation standards, variation in the lifestyle and rising aging
population, attracting the investors
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Key Findings

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Cardiovascular Market Growth Drivers

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Market Growth Drivers
Technological advancements
and low-cost medication
Increase in cardiac healthcare
and domestic industries
Increase in diagnosis and
treatment
Market Growth Drivers of
Indian Cardiovascular Market
Increase in prevalence of
cardiovascular diseases

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Increase in cardiac healthcare and domestic industries
The rise in cardiac healthcare and domestic industries have increased ‘Local innovation’ by MNCs as well as
domestic players and is expected to drive indigenous manufacturing of medical devices leading to rapid growth in
treatment facilities and exports
There are many cardiac healthcare and domestic industries focussing primarily on cardiovascular diseases viz.,
Kovai Medical Centre and Hospital in India provides continuum care for the prevention, treatment, recovery, and
rehabilitation of the heart and vascular diseases
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Increase in diagnosis and treatment
The sheer scale of the CVD in India has promoted the underused treatment resulting in decrease in large burden of
potentially avoidable mortality and morbidity, for example use of secondary prevention ACE inhibitors and statin has
increased from its original marginal use
Incidence of Congenital Heart Diseases (CHD) in children is a major threat in India. Affordability remains key
challenge, especially India being a country depending upon import for more than 80% drugs and patented drug
requirements. This is leading to rise in diagnosis and low-cost treatment
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Increase in prevalence of cardiovascular diseases
Coronary heart disease prevalence rates in India have been estimated over the past several decades and have
ranged from 1.6% (1990) to 7.4% (2020) in rural populations and from 1% (1990) to 13.2% (2020) in urban
populations and thus driving the market of cardiovascular by creating awareness among individuals
The prevalence of cardiovascular diseases is increasing in India due to the shift in lifestyle and the other health
conditions responding to the change in the adoption of the modernized facilities and thus driving the market of
cardiovascular market
The increasing awareness and initiatives taken by regional governments are expected to propel the cardiovascular
devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular
surgical devices, and this will help the market gain momentum in the forecast period
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Technological advancements and low-cost medication
Cardiovascular devices in the Indian market are beneficial in technological advancements and low-cost medication
to cut down operational cost and is dominated by domestic manufacturers. These manufacturers are playing a vital
role in innovating new products to grow substantially as a medical giant to attract investors
The technological advancements are leading to increasing adoption of the pacemakers, and one of the recent
advancements include the development of a leadless pacemaker that is one-tenth the size of the predecessor
devices by Medtronic
Content
The healthcare facilities and services in India is heading towards the technological advances. For instance, in India
Kim hospital provides services for the structural heart in the south Indian region

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Major Indications Contributing Indian
Cardiovascular Market

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Major Indications- Prevalence Of Cardiovascular Disease Type
Market Share, By Disease Type (%), 2019 Key Highlights
 Cardiovascular heart disease is likely to dominate the
market during the forecast period because of rising
volume of cardiovascular patients belonging to this
type disease and is expected to maintain dominance
during the forecast period
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Major Indications- Unmet Needs
 Cardiological clinical trials are more expensive as they
need longer follow-ups or a higher number of patients.
They are complicated and new, powerful, and
fundamental ideas to take cardiovascular (CV) diseases
seem to be lacking in India
 The continuous haemorrhaging of funding from
cardiology into other therapeutic areas due to ‘increased
cost of drugs’ is depriving CV medicine from adequate
support, and interest from public and industrial
institutions
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Indian Cardiovascular Market Segmentation

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Market Segmentation- By Drug Type
Market Share, By Drug Type (%), 2019
 The anticoagulants segments are estimated to hold a
dominant share in the global market, especially due to their
status as comparatively expensive drugs and the critical
life-preserving functions that they perform
 The other segments are some of the widely consumed
medications in India, but the presence of generic versions
of these medications have limited the growth potential
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Key Highlights

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Market Segmentation- By Device type
Market Share, By Device Type (%), 2020
 Interventional cardiology devices are dominant in market
due to increase in prevalent cases in India
 Heart rhythm problems (arrhythmias) have become
prevalent and are expected to further experience an
increase.
 According to the PAN Arrhythmia and Heart Failure
Registry (PANARM HF), in 2017, approximately 15% of
the total heart failure patients suffer from atrial fibrillation in
India
 The adoption rate of cardiac defibrillators and cardiac
resynchronization therapies are also expected to rise in
forecast period
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Key Highlights

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Market Segmentation- By Distribution Channel
 In 2018, the hospitals held a largest market share of
approximately 50% of the cardiovascular devices market
and is also expected to be the fastest growing segments
the market in 2028 owing to advancements in the
infrastructures of hospitals, offering various services and
facilities and others
 Others
Key Highlights
Market Share, By Distribution Channel (%), 2019

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Cardiovascular Epidemiology

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Epidemiology Population - By Type
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cardiovascular
Heart Disease
43 xx xx xx xx xx xx xx xx xx
Stroke 33 xx xx xx xx xx xx xx xx xx
Hypertensive
Heart Disease
5.4 xx xx xx xx xx xx xx xx xx
Rheumatic
Heart Disease
Prevalence of coronary heart disease in India (2019-2028), (%)
 Cardiovascular heart disease is likely to be more prevalent during the forecast period because of rising volume of
cardiovascular patients belonging to this type disease and is expected to maintain dominance during the forecast period
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Key Highlights

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Epidemiology Population - By Mortality (Mn)
 Cardiovascular heart disease is likely to be primary cause of mortality during the forecast period because of rising volume of
cardiovascular patients belonging to this type disease and is expected to maintain dominance during the forecast period
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Key Highlights
Epidemiology Population - By proportional mortality in India due to cardiovascular diseases (2019-2028), (Mn)
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cardiovascular
Heart Disease
Stroke 1.5 xx xx xx xx xx xx xx xx xx
Hypertensive
Heart Disease
Rheumatic
Heart Disease
1 xx xx xx xx xx xx xx xx xx

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Competitive Landscape
 The market for cardiovascular devices in India is
comprised of several global players along with the
local players. However, the number of local players
in the country is less and the market share is majorly
grabbed by global companies such as Abbott
Vascular, Boston Scientific, Medtronic, etc.
 Since India is a growing economy, more global
companies are expected to penetrate the market in
the coming future
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Cardiovascular Market Size ($Bn) (2019-2028) Market Concentration
Consolidated- Market dominated by1-5
major players
Fragmented- Highly competitive market
without dominant players
Indian cardiovascular diseases
market

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Competitive Landscape- Mergers And Acquisitions
Acquisition
BMS successfully acquired Celgene in Nov 2019, after it gained regulatory approval from all
government authorities required, widening the company’s pipelines in oncology, haematology,
immunology and cardiovascular disease
In 2019, Microsoft partner with Apollo Hospitals as part of healthcare initiatives to combat
cardiovascular burden in India
Merger

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Mergers And Acquisitions
Despite the stress on performance due to regulatory restrictions, the total value of M&A transactions in the hospital sector in
2019 recorded an increase of 155 percent amounting to ₹7,615 crore, the highest value in the sector in over five year, as
against transactions worth ₹2,991 crore done in 2018, according to rating agency ICRA
After witnessing years of healthy growth in revenues and profits till 2017, the sector, however, recorded diminishing returns in
2018 and 2019 due to pressure on margins, after a slew of regulatory actions, including caps on prices of oncology drugs,
cardiac stents and knee implants and the advent of the GST, leading to higher indirect tax burden and restrictions placed by the
governments of the National Capital
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Competitive Landscape- Key Company By Revenue
Key Analysis
 As per the 2019 records, three companies are holding
the maximum cardiovascular devices market share,
namely Boston Scientific Corporation, Medtronic, and
Abbott
 High revenue generation from these companies is
attributable to the strong product portfolio, including heart
valves, advanced stents, and other cardiovascular
products
 Cardiovascular devices market manufacturers are
emphasizing on cardiopulmonary production, which will
further help to earn high revenues, especially from
previously untreatable patients
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Market share of cardiovascular devices market in
financial year 2020, by leading company
Boston
Scientific
Corporation
Medtronic
Plc
Abbott
Laboratories
St. Jude
Medical Inc
Terumo
Corporation

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Competitive Landscape- Key Company By Sales
Key Analysis
 JB Chemicals had the highest share of cardiac sales of
over 48 percent in the company across India in financial
year 2020 and is expected to maintain dominance during
the forecast period. Ajanta Pharma had the second
highest share of cardiac sales in the country during the
same time period followed by USV
 Based on key parameters such as financial year of 2020,
market coverage and sales indicates that, Sanofi India,
Macleods, Zydus, Intas, Dr. Reddy’s, Cipla etc are some
other leading players in cardiac market and is likely to
gain significant market share in the years to come
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Market share of cardiac sales in financial year 2020,
by leading company (%)
30.6
32.2
40.6
48.7
Alembic
IPCA
Sun
Lupin
Eris LS
Glenmark
Torrent
USV
Ajanta
JB Chemicals

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Abbott Laboratories
Company Name
Abbott Laboratories
Year of establishment
1888
Headquarter
Mumbai, India
Revenue
$34.6 Bn
Website
www.abbott.co.in
Company Overview
 Abbott Laboratories is a health care company specializing in
cardiovascular, diagnostics, diabetes and neuromodulation
products
 It primarily focuses on cardiac arrhythmias, coronary artery
disease, heart failure and heart valve disease among all
cardiovascular diseases
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Abbott Laboratories
Revenues ($ Mn), 2019-2028 Breakdown of net sales (%) by segment, 2019
Analysis
 The company is profiled for the financial year ended, 2028
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Sample

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Boston Scientific Corporation
Company Name
Headquarter
Revenue
Website
Company Overview
Content

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Analysis
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Sample

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Medtronic Plc
Company Name
Medtronic Plc
Headquarter
Revenue
Website
Company Overview
Content

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Medtronic Plc
Analysis
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Sample

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Terumo Corporation
Company Name
Terumo Corporation
Headquarter
Revenue
Website
Company Overview
Content

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Terumo Corporation
Analysis
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Sample

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St. Jude Medical Inc
Company Name
Headquarter
Revenue
Website
Company Overview
Content

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Analysis
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Sample

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Edwards Lifesciences Corporation
Company Name
Headquarter
Revenue
Website
Company Overview
Content

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Analysis
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Sample

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Vascular Concepts Limited
Company Name
Headquarter
Revenue
Website
Company Overview
Content

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Analysis
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Sample

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Cordis Corporation
Company Name
Cordis Corporation
Headquarter
Revenue
Website
Company Overview
Content

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Cordis Corporation
Analysis
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Sample

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Philips Healthcare
Company Name
Philips Healthcare
Headquarter
Revenue
Website
Company Overview
Content

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Philips Healthcare
Analysis
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Sample

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Biosense Webster, Inc
Company Name
Headquarter
Revenue
Website
Company Overview
Content

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Analysis
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Sample

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Access And Reimbursement Scenario

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Access and Reimbursement Scenario
 Commercial insurance remains the largest and most lucrative system, providing healthcare coverage to millions of people
 Drug manufacturers often engage in complex pricing and formulary negotiations with numerous health plans offered by
manufacturers
 Public scrutiny on the high cost of branded medications in the India has grown, prompting some manufacturers to launch drugs at
below market prices
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General Reimbursement Environment
Key Market Access Considerations
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The physicians’ ability to prescribe brands is more
controlled, because of variety of generic versions
available in India
Despite the variety of generics available,
physicians encounter difficulties with
reimbursement as a downstream consequence of
individual variability in response to drugs
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Key Industry Developments
On Oct 2020, Abbott launched CRT-Ds which is used to prevent sudden death similar to traditional ICDs, but in addition act to
restore the heart’s natural pattern of beating in patients with reduced cardiac function and progressive heart failure despite
optimal medical therapy
On Jan 2019, Medtronic launched a mobile app called MyCareLink Heart for linking a list of pacemakers to have a direct mode
of communication with the patient’s smartphone
On Jan 2019, India based Natco Pharma announced launch of valsartan-sacubril, a cardiovascular drug for the treatment of
congestive heart failure. Novartis AG holds the patent in India for valsartan-sacubitril called Vymada and went from Rs 90 lakh
in sales in March 2017, to Rs 123 crore in March 2020
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Cardiology Inventions
A team of Bhabha Atomic Research Centre has developed a compact pocket friendly ECG machine, priced around Rs. 4000.
The researchers claim that people will be able to afford one of these machines for their private use, just the way personal blood
sugar monitor or blood pressure monitor is used
Scientists at the Healthcare Technology Innovation Centre (HTIC), Chennai, invented a device to keep check on artery stiffness
and alerts in case of risk. The device is about the size of a digital television set top box has been tested in three different
clinical trials. All tests found the Indian machine to be on par with the commonly used imaging system
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India’s cardiovascular market is growing rapidly due to improving
cardiac therapies and low cost medications that attract investors
 The market is growing rapidly due to improving quality and operation standards in the country, variation in the lifestyle and rising
aging population which is attracting the investors to invest across the country
 Cardiovascular drugs and devices in the Indian market are beneficial in technological advancements and low-cost medication
which are dominated by domestic manufacturers. These manufacturers are playing a vital role in the Indian market to grow it
substantially as a medical giant to attract investors. Innovation should progress from developing new products to gain an
advantage over such products more efficiently with new innovative techniques and business models
 There are other factors also which are boosting the market growth of the Indian market such as R&D, growing cardiac healthcare
units in the country and rise in domestic industries to compete with multinationals. Rising diagnostic centers across the globe,
investment from the government and private players have bolstered the market growth. Moreover, rising medical tourism and
increasing awareness among the society regarding the heart-related diseases are creating an opportunity for Indian cardiology
market to grow. India being on a preference list is the perfect destination for the healthcare services, especially for cardiac
surgery
 Cardiac therapies have displaced anti-infectives to become India’s leading therapy within its pharmaceutical market. The Indian
cardiac market outperformed the Indian pharmaceutical market by 200 basis points. Basis point is a universal measurement
system where one basis point is equivalent to 1/100th of 1 percent. Hypertension drugs today form 65% of the cardiac market.
Similarly, combination drugs and patented molecules have grown more rapidly than the pharmaceutical market. Estimates based
on key parameters such as historical performance of the company, market coverage, capacity to build brands and portfolio
management indicate, that JB Chemicals, Ajanta and USV are among the leading players in the cardiac market and likely to gain
significant market share in the years to come

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